Bitcoin fails at $90,000: Is $100,000 still possible now? – Coincierge.de

After the price explosion towards $90,000, Bitcoin is taking a break. BTC was rejected, failed at resistance. Is $100,000 still possible now?

Bitcoin: $90,000 remains insurmountable?

The crypto truism is suggested here again: once Bitcoin accelerates, it won’t stop any time soon. For days, the number 1 cryptocurrency has been rushing from all-time high to all-time high, easily appreciating in increments of 1,000: $80,000, $81,000, $82,000, $83,000. Then a short break at $88,000 – and the subsequent price explosion to $90,000. BTC quickly gained $10K overnight. This represents the largest daily increase in Bitcoin’s history.

🔸BREAK:

This is the largest single-day price increase in US dollars in the year #Bitcoin Story! pic.twitter.com/sXkOkAJkxq

– Bitcoin Archive (@BTC_Archive) November 11, 2024

However, it ended at $89,560 and the resistance proved insurmountable. However, the digital asset is currently trading at $86,500 and the bears are not giving up without a fight. BTC is retreating on the hourly chart – so far at -2.1 percent, but in a manageable range. Still.

Bitcoin has previously demonstrated strength on almost all time frames: +40.23 percent in the last month, almost +30% in the past seven days – the +6.6 percent on the daily chart almost seems comparatively bearish.

Whether it’s Bloomberg, CNBC or Der Spiegel: even mainstream media can’t avoid reporting the spectacular performance of the crypto asset.

100,000 US dollars per Bitcoin – free. It is only a stone’s throw from the current price to the psychologically important high point – the first six-figure price. Important: Investors should not be irritated by price fluctuations (volatility) and sudden setbacks, as top Korean crypto analyst Ki Young Ju emphasizes in a forecast. The head of the popular analysis company CryptoQuant explains:

“The Bitcoin market is becoming increasingly volatile.

In the price discovery phase, order books are typically thin because there is no consensus on support and resistance levels.”

#Bitcoin The market is becoming more volatile.

In the price discovery phase, order books are typically thin because there is no consensus on support and resistance levels.

This is what caused price fluctuations so often in the last bull cycle. There is now almost no volume above $72,000 – slightly up, slightly down. pic.twitter.com/Y1CPcxQFcC

— Ki Young Ju (@ki_young_ju) November 12, 2024

Bitcoin corrected: Is the “Trump Pump” already over?

This, says Ju, “led to price fluctuations many times” in the last bull cycle as well. Or to put it another way: Even if Bitcoin cannot immediately turn the $100,000 mark into support, technical analysis still suggests continuously rising prices. However, it doesn’t go up in a straight line. The “Trump Pump” – it’s not over yet.

Trump will broadcast #Bitcoin to $1 million pic.twitter.com/O1cwLWpmDM

– The ₿itcoin Therapist (@TheBTCTherapist) November 11, 2024

Michael van de Poppe, a top analyst from Holland, still feels “slightly pessimistic” about the upcoming publication of CPI data in the USA.

“Bitcoin is up to $90,000 and I think we are about to start the markets.”

The sweet spot is with a 10% correction towards the CME gap before we move on.

I am slightly bearish ahead of the CPI tomorrow.”

#Bitcoin is up to $90,000 and I think we’re close to starting the markets.

The sweet spot is a 10% correction towards the CME gap before we proceed.

I’m going into the Consumer Price Index (CPI) tomorrow and I’m slightly pessimistic. pic.twitter.com/dfpUc2df1k

— Michaël van de Poppe (@CryptoMichNL) November 12, 2024

Background: If the consumer price index (CPI) data turns out to be worse than expected, this could temporarily weigh on the crypto markets. Apart from that, van de Poppe expects a short-term correction of around -10 percent before the upward trend can continue. Bloomberg experts also warn: The Bitcoin rally will lose steam.

However, potential setbacks may represent the very last chance for investors to purchase Bitcoin for less than $100,000 in 2024 before the price takes off towards Valhalla. Poppe, for example, sees BTC exploding to $500,000 in this cycle – he even thinks a million per BTC is possible. If you want to get started: Buying Bitcoin with Paypal is considered a safe, convenient option.

Last updated on November 12, 2024

Cryptocurrencies are a very volatile, unregulated investment product. Your capital is at risk.